AmerisourceBergen, off 4% on earnings, impacting peers Cardinal Health, McKesson
Feb. 01, 2023 2:53 PM ETAmerisourceBergen Corporation (ABC), MCK, CAHWBABy: Jonathan Block, SA News Editor2 Comments
- Other drug wholesalers are down after AmerisourceBergen (NYSE:ABC), which is off 4% in Wednesday afternoon trading, released Q4 2022 earnings earlier in the day.
- Cardinal Health (NYSE:CAH) is down 1.3%, while McKesson (NYSE:MCK), which reports after the closing bell, is off 1.4%.
- AmerisourceBergen (ABC) is trading down even though its Q4 results beat on the top and bottom lines and it raised its 2023 EPS outlook.
- JP Morgan analyst Lisa Gill, who has an overweight rating on AmerisourceBergen, wrote in a note, "The increased guidance was driven off improved outlooks for the International Healthcare Solutions segment, offset by a slightly wider range in expectations for the U.S. distribution segment, where ABC indicated that COVID-19 contribution would be lower than its initial expectation."
- Evercore ISI's Elizabeth Anderson, who has an outperform call, said the price decline was an "overreaction."
- Read why Seeking Alpha contributor Cory Cramer considers AmerisourceBergen (ABC) a hold.